Kakao makes shocking mining claim, 15x faster than Ethereum
Wed, 10 Jul 2019, 10:10 am UTC
Kakao just made a huge announcement with regards to its blockchain arm, Ground X. The South Korean tech giant has claimed that its mining capabilities are 15 times faster than what Ethereum is capable of. As such, it can supposedly process transactions quite a bit faster as compared to Ethereum. This could be a huge breakthrough for the industry, as a whole.
Ground X made the announcement on Tuesday, The Korea Herald reports. The Kakao subsidiary’s CEO Han Jae-sun noted the significance of such a development for the crypto industry.
“I believe it would be the initial version of a mobile (blockchain) service,” he said. “With the reduced response time, many projects that we believed unfathomable could eventually come true.”
As for how exactly Ground X was able to do this, it turns out that it had to sacrifice the decentralization of some of the components of its network. This meant that it had fewer hoops to jump through and thus can offer faster transactions. The entire Klatyn blockchain network itself is a hybrid of the approaches that most other networks are based on.
According to the white paper that was published to explain exactly what this network is about, it is basically a mix of consensus nodes (CNs) and ranger nodes (RNs). This is then intended to provide the network with the most amount of scalability while also remaining transparent.
With this announcement, it’s no wonder that major companies are quite enthusiastic about joining the blockchain game via Klatyn, including LG. Ground X is also releasing projects that it is building through the network by the end of the month. This is a perfect example of how Kakao is quickly gaining on its competitors in the blockchain scene, with beating Ethereum’s mining speed at a staggering rate being just the start.
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